Northrop Grumman Gets ERISA Class Action Scaled Back
Law360 (August 15, 2019, 5:20 PM EDT) -- A California federal judge has trimmed an Employee Retirement Income Security Act class action accusing Northrop Grumman Corp. of mismanaging its workers' retirement savings, axing claims over record-keeping fees, among others.
U.S. District Judge Andre Birotte Jr. on Wednesday granted most of the defense giant's partial summary judgment bid, agreeing to nix certain claims including allegations that the company breached its fiduciary duty by paying unreasonably high fees to former plan record-keeper Hewitt Associates LLC.
While the class argued that those fees should have been renegotiated through competitive bidding, the judge noted that those fees were renegotiated in 2011 and that...
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